The aim of this article is to explain the role and significance of the financial perspectives of the European Union (EU). The first perspective was established in 1988 for a period of 5 years. The aim of the perspective was to provide a framework for financial programming and budgetary discipline by ensuring that EU spending is predictable and stays within the agreed limits. The next perspectives were agreed for a period of seven years. In each perspective there are determined priority activities of the Union. This allows better and more efficiently manage the finances. It also provides a financial guarantee for the European policies. In the paper there are presented five perspectives, including the last one – Multiannual Financial Framework 2014-2020 and the political context of its approval.